6 Things Every Parent Should Know About College and Money
If you’re not joining our weekly #MarriageChat on Twitter then you’re missing out on some valuable information and an amazing community of marriage oriented people from across the globe. Our special guest last night was Dr. Taffy Wagner who spoke on the topic of Money and Marriage. Dr. Taffy has been kind enough to also provide us with 6 tips that our readers need to know when they send a child off to college.
Below are several things to look out for when it comes to the first year of college:
1) Make sure your son or daughter signs up for those mandatory freshman classes such as English and/or Math. Sometimes these classes are only
offered once a year and if they miss out on the mandatory ones that they must have – they will still be considered a Freshman in their second year.
2) It is very important that they are very focused on their studies throughout this first semester and first year. Their is always more money
out there for students that they are not aware of. We prepared our students to focus on the academics instead of parties. I will never forget
one year a student came to us and said that one of the clubs at school sent her an invitation letter. She turned them down. Well, after doing
some research, I discovered that there was scholarship money attached to it AND she lost out. Stress the importance of them reading through all
correspondence they receive.
3) If your student makes the Dean’s list after the first or second semester, you want them to go down to financial aid and ask if there is
aid available because they made the dean’s list. They may have run out but they may not and your student would be able to apply or receive it! They
have to be very proactive when it comes to the financial aid (AND free money). More than likely, no one will walk right up to them (except for
the credit card offers) and say we have this free money and you qualify based on your GPA!
4) Set up a budget with your student when it comes to school funds. Now is the time to teach them “real world” financial skills. There’s a certain
amount needed for food at school, books, etc. If they have a work-study ensure they are maximizing their funds as much as possible.
5) Outstanding Grades and BEHAVIOR lead to opportunities on campus. Have you ever heard of the RA? RA stands for Resident Assistant. These are the
young men and women that are overseeing dormitory floors and they are COMPENSATED! They are the peer leaders in the dormitory that other
students come to when they have questions, etc. Forms of compensation can be the following: price-adjusted housing, free meals, and/or stipends!
6) The first six months are very crucial. I don’t know where your son or daughter is going to college, but if it is far from home and they are not
used to being away from home – don’t let them come back until Christmas break. There is an adjustment period that needs to take place that they
must go through. If they come home prior to Christmas break they may not go back.
Dr. Taffy Wagner is a Certified Educator in Personal Finances, Money and Marriage Advocate and author of Bride and Groom Money Talk FAQ. She
provides financial education and counseling for individuals, couples, students and small groups. She can be contacted through her site www.brideandgroommoneytalk.com.
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